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Fairway Independent mortgage review

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finder.com’s rating: 4.1 / 5.0

★★★★★

Apply for a loan from your mobile device, but rates and requirements are unclear.

Fairway Independent is licensed in all 50 states and has a full suite of home loan products. But you’ll need to consent to a hard credit pull before you find out what rate you qualify for.

Details

Loan types Conventional, Refinance, Jumbo, FHA, VA, USDA
Minimum credit 620
Available States Available in all states

Pros

  • Loan selection
  • Unique loan options
  • Mobile application

Cons

  • Negative BBB reviews
  • Limited information
  • No HELOCS
  • Hard credit check
Fairway Independent is accredited with the Better Business Bureau (BBB), which gives it an A+ rating. Of its 20 BBB customer reviews, a majority were negative, citing unfriendly loan officers and communication delays throughout the closing process.

That said, other borrowers spoke highly of their interactions with the Fairway Independent team and enjoyed their loan officer’s commitment and attention to detail.

What types of loans does Fairway Independent offer?

Fairway Independent offers conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, reverse mortgages and mortgage refinancing.

  • Conventional. Fairway Independent offers both fixed- and adjustable-rate mortgages with terms of 10 to 30 years.
  • FHA. Government-backed Federal Housing Administration loans come with more lenient lending requirements and terms that range from 15 to 30 years.
  • VA. Eligible veterans, service members and their families may qualify for a Veterans Affairs loan with a valid Certificate of Eligibility from the US Department of Veterans Affairs. Fairway Independent VA loans feature no prepayment penalties or private mortgage insurance and offer $0 down payment options.
  • USDA. If the property you’re interested in purchasing is located in a qualifying rural area, you may be eligible for a 30-year fixed-rate USDA loan with no-down payment options.
  • Jumbo. Nonconforming jumbo loans at Fairway Independent typically start at $484,350. These jumbo loans are available as both fixed- and adjustable-rate loans, but a high credit score and low debt-to-income ratio are required.

Other loans offered by Fairway Independent:

  • Reverse mortgages. Borrowers older than 62 with sufficient equity in their homes may qualify. A reverse mortgage allows borrowers to access the equity of their home as a lump sum, line of credit or fixed monthly payment.
  • Refinancing options. Fairway Independent also offers fixed-rate, adjustable-rate and cash-out refinancing options for those looking to take advantage of a lower rate or better term, or to access home equity as cash.
  • HomeStyle renovation. Purchase a fixer-upper with additional capital to cover repairs, renovations or upgrades.

Fairway Independent fees

You won’t find any information about loan fees on Fairway Independent’s website. Instead, you’ll need to fill out an application in-person or online to receive an estimate of potential rates and fees.

Lenders usually charge origination fees that amount to 2% to 5% of the total loan cost. During the closing process, be ready to encounter any of the following fees:

  • Appraisal
  • Credit report
  • Document preparation
  • Home inspection
  • Private mortgage insurance
  • State taxes
  • Title charges
  • Taxes

Requirements

While Fairway Independent let us know that credit score and down payment requirements vary for each of its home loan products, it was unable to confirm specific credit score requirements.

Typically, conventional loans require a minimum credit score of 620, while credit scores of 580 may qualify for VA and FHA loans.

Documentation

Before you start the online application process, gather the following:

  • Full name and personal contact information
  • Social Security number
  • Pay stubs from the past 30 days
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years
  • Profit and loss statements, if self-employed
  • List of your assets — including savings, real estate, car titles, retirement accounts and other investment records

How to get a home loan with Fairway Independent

  1. Go to Fairway Independent’s website and click Apply Now.
  2. Enter your full name, email address, coborrower’s information and real estate agent’s information. Review Fairway Independent’s Patriot Act Agreement, Electronic Disclosure Agreement and Privacy Policy. Click Next.
  3. Tell Fairway Independent more about the property you’d like to purchase, including the property’s location, its purchase price and what type of loan you’d like to apply for. Click Next.
  4. Tell Fairway Independent more about yourself, including your date of birth, Social Security number and current residential address. You’ll also need to provide Fairway with your employment and income information, including the name of your employer and your monthly income. Click Next.
  5. Tell Fairway Independent more about your assets and liabilities, including real estate holdings, child support and job-related expenses. Click Next.
  6. Review Fairway Independent’s eDisclosure Agreement and click I Agree. Review your application information and click Submit.

A Fairway Independent loan officer contacts you within one business day to follow up on additional documentation and the next steps in the lending process.

Pros and cons of Fairway Independent

Pros

  • Loan selection. Not only does Fairway Independent’s loan selection include conventional loans, but it also offers USDA, FHA, VA and jumbo loans.
  • Unique loan options. Fairway Independent opens up your property purchasing options with a unique home renovation loan designed to help you tackle the cost of renovations up front.
  • Mobile application. In addition to the online application available on its website, Fairway also offers a mobile application through the FairwayNow mobile app.

Cons

  • Negative BBB reviews. Many of Fairway Independent’s Better Business Bureau reviews suggest the closing process with this provider can be frustrating.
  • Limited information. Fairway Independent doesn’t offer any information about rates, fees or lending requirements on its website.
  • No HELOCS. While Fairway Independent’s loan selection is extensive, it doesn’t offer lines of credit.
  • Hard credit check. To process your online application, Fairway performs a hard credit check, which could potentially drop your score by a few points.

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What is Fairway Independent?

Fairway Independent was founded in 1996 and is headquartered in Madison, Wisconsin, and Carrolton, Texas. By 2017, it was licensed in all 50 states and had over 6,000 employees under its wing.

Despite its unfavorable BBB reviews, it was deemed one of the 30 Best Places To Work in Madison, Wisconsin by Madison Magazine in 2019.

Frequently asked questions

Home loans ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

Fairway Independent has a comprehensive suite of home loan products, lends in all 50 states and offers a mobile application to help streamline the lending process. But you’ll need to complete an application to find out what you qualify for and Fairway’s online reputation is fraught with borrower complaints.

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